PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Wednesday, July 2, 2025
July 02, 2025
Edited by Lawrence D. Kaplan, Jason Shafer and Kris Knabe
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Federal Agencies
U.S. Department of the Treasury
Joint Statement on the EU-U.S. Joint Financial Regulatory Forum
July 1, 2025
The EU-U.S. Joint Financial Regulatory Forum took place on June 24-25, 2025, with participants exchanging views on topics of mutual interest as part of their regular financial regulatory dialogue. The dialogue was co-chaired by the European Commission and the U.S. Department of the Treasury.
Working Paper: The Impact of CCP Liquidity Demands on Clearing Members Under Stress
July 1, 2025
The Office of Financial Research published a working paper entitled “The Impact of CCP Liquidity Demands on Clearing Members Under Stress.”
Federal Reserve Board
Working Paper: The Dollar Channel of Monetary Policy Transmission
July 1, 2025
The Federal Reserve Board published a working paper entitled “The Dollar Channel of Monetary Policy Transmission.”
Working Paper: Of House and Home-Related Goods: The Home Purchase Channel of Expenditure
July 1, 2025
The Federal Reserve Board published a working paper entitled “Of House and Home-Related Goods: The Home Purchase Channel of Expenditure.”
Federal Reserve Bank of New York
Blog: New Dataset Maps Losses from Natural Disasters to the County Level
July 1, 2025
The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “New Dataset Maps Losses from Natural Disasters to the County Level.”
Securities and Exchange Commission
Statement: Crypto Asset Exchange-Traded Products
July 1, 2025
The Securities and Exchange Commission’s Division of Corporation Finance issued a statement entitled “Crypto Asset Exchange-Traded Products.”
Bank Policy Institute
Bank Groups Call for Swift, Secure Transition as Treasury Phases Out Paper Checks
July 1, 2025
The Bank Policy Institute, The Clearing House Association and the Consumer Bankers Association submitted joint comments to the U.S. Department of the Treasury urging prompt action to fully transition to secure, modern electronic payment methods and minimize the use of checks.
Blog: The 2025 DFAST Stress Test Results: Volatile Outcomes Highlight Need for Reforms
July 1, 2025
The Bank Policy Institute published a blog post entitled “The 2025 DFAST Stress Test Results: Volatile Outcomes Highlight Need for Reforms.”
International
European Commission
Speech: How to Improve Accessibility of Banking Services
June 30, 2025
Commissioner Maria Luis Albuquerque gave a speech entitled “How to Improve Accessibility of Banking Services,” at the AccessibleEU European Event.
Speech: Speech by Commissioner Albuquerque at the European Fintech Association (EFA) Annual Event
June 29, 2025
Commissioner Maria Luis Albuquerque gave a speech at the European Fintech Association (EFA) Annual Event.
European Banking Authority
The EBA Publishes Its Final Guidelines on Acquisition, Development and Construction Exposures to Residential Property Under the Standardized Approach of Credit Risk
July 1, 2025
The European Banking Authority published its final Guidelines on the treatment of Acquisition, Development and Construction exposures to residential property under the Capital Requirements Regulation.
Bank of England
Speech: Synchronisation and Beyond: Enabling the Next Wave of Financial Innovation
July 1, 2025
Bank of England Executive Director Victoria Cleland gave a speech entitled “Synchronisation and beyond: enabling the next wave of financial innovation,” at the 15th annual edition of City Week.
Bank of England Prudential Regulation Authority
The PRA Holds Future Banking Data Roundtable
July 1, 2025
On May 19, the Prudential Regulation Authority hosted a round table with Chief Financial Officers (CFO) of the largest, most systemic firms operating in the UK to discuss the Future Baking Data (FBD) project.
Financial Conduct Authority
Policy Statement: FCA Regulated Fees and Levies 2025/26
July 1, 2025
The Financial Conduct Authority published a policy statement entitled “FCA regulated fees and levies 2025/26.”
Harnessing AI and Technology to Deliver the FCA’s 2025 Strategic Priorities
July 1, 2025
Financial Conduct Authority Chief Data, Information and Intelligence Officer Jessica Rusu gave a speech entitled “Harnessing AI and technology to deliver the FCA’s 2025 strategic priorities,” at the AI and Digital Innovation Summit as part of City Week 2025.
Administration Changes
Vacancies
Appointments
U.S. Department of the Treasury – Scott Bessent (effective January 27, 2025)
Federal Reserve Board – Jerome H. Powell (effective May 23, 2022)
- Vice Chair Phillip N Jefferson (sworn in September 13, 2023)
- Vice Chair for Supervision Michelle W. Bowman (sworn in June 9, 2025)
- Governor Michael Barr (sworn in July 19, 2022)
- Governor Michelle W. Bowman (sworn in November 26, 2018)
- Governor Christopher J. Waller (sworn in December 18, 2020)
- Governor Lisa D. Cook (sworn in September 13, 2022)
- Governor Adriana D. Kugler (sworn in September 13, 2023)
Federal Reserve Bank of New York – John C. Williams (effective June 18, 2018)
Federal Reserve Bank of Boston – Susan M. Collins (effective July 1, 2022)
Federal Deposit Insurance Corporation – Travis Hill (Acting Chairman effective January 20, 2025)
- Vice Chairman Vacant
- Director Vacant
- Director Rodney Hood (Acting Comptroller of the Currency)
- Director Russel Vought (Director of Consumer Financial Protection Bureau)
Office of the Comptroller of the Currency – Jonathan Gould (nominated February 11, 2025); Rodney E. Hood (Acting Comptroller effective February 10, 2025)
Securities and Exchange Commission – Paul Atkins (effective April 9, 2025)
Commodity Futures Trading Commission – Brian Quintenz (nominated February 11, 2025); Caroline D. Pham (Acting Chairman effective January 20, 2025)
Consumer Financial Protection Bureau – Jonathan McKernan (nominated February 11, 2025); Russel Vought (Acting Director effective February 10, 2025)
National Credit Union Administration – Kyle Hauptman (Chairman effective January 20, 2025)
Small Business Administration – Kelly Loeffler (effective February 19, 2025)
U.S. Department of Housing and Urban Development – Scott Turner (effective February 5, 2025)
Federal Housing Finance Agency – William Pulte (effective March 13, 2025)
U.S. Department of Education – Linda McMahon (effective March 3, 2025)
Financial Crimes Enforcement Network – Andrea Gacki (effective July 13, 2023)
PH Client Alerts
Click here to read more from our Coronavirus series.
Legislation/Legislative Updates
Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Enacted March 27, 2020.
Click here to view the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 2020.
Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.
Click here to view the full text of theConsolidated Appropriations Act, 2021, Enacted December 27, 2020.
Click here to view the full text of the American Rescue Plan of 2021, Enacted March 11, 2021.
Click here to view the full text of the PPP Extension Act of 2021, Enacted March 30, 2021.
Click here to view a running list of proposed legislation from the Senate Committee on Banking, Housing, and Urban Affairs, Senate Committee on Small Business and Entrepreneurship, House Committee on Financial Services and House Committee on Small Business
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